Copper smelters hungry for concentrate and Minrex has new ingredients
Original announcement by stockhead on
- Company
- Minrex Resources
- Ticker
- MRR
- Exchange
- Unavailable
- Region
- Serbia
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Metallurgy, Drill results, Resource update
- Extracted
- 2026-09-12 00:57:16 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Minrex Resources is expanding its drilling program at the Tlamino project in Serbia to 9000m to support a JORC-compliant resource update. The company is also conducting metallurgical testwork led by Ausenco to optimize a high-sulphur gold-silver concentrate that targets current smelter demand.
Reasoning: The company is advancing a significant drill and metallurgical program at Tlamino to convert a non-JORC resource to a JORC-compliant one and optimize concentrate specifications.
Positive factors
- Expansion of drill program to 9000m
- Metallurgical testwork underway with Ausenco
- Historical flotation results showed high-sulphur gold-silver concentrate
- Potential for high payabilities due to smelter demand for byproducts
Negative factors
- Current resource is non-JORC
- Historical PEA is six years out of date
Facts used in scoring: 3
Classification and evidence
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The document mentions a metallurgical program led by Ausenco but does not explicitly detail specific QA/QC protocols like blanks or standards in this text.
Evidence · text
“metallurgical testwork program led by renowned engineering group Ausenco is also underway”
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: The program includes 3500m of infill and step-out diamond drilling at Barje.
Evidence · text
“It now involves 3500m of infill and step-out diamond drilling at Barje”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 3. Some facts used in scoring do not have a stored record.
Resource Estimates (1)
Fact 1Tlamino · goldGrade: 2.9Grade Unit: g/tView all detailsHide details
Identity
- Project
- Tlamino
- Commodity
- gold
- Region
- serbia
- Reported Region
- serbia
- Ticker
- MRR
Resource scope
- QP Signed
- No
Resource Data
- Grade
- 2.9
- Grade Unit
- g/t
Metal Equivalent
- Metal Eq. Grade
- 2.9
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-07T00:00:00.000Z
Reasoning: The 670,000oz gold equivalent resource is currently non-JORC compliant.
Negative factors
- non-JORC resource
Evidence · text
“non-JORC resource totalling 670,000 ounces of contained gold equivalent grading 2.9g/t AuEq”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Metallurgical Results (2)
flotationTlamino · goldHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Tlamino
- Commodity
- gold
- Region
- serbia
- Reported Region
- Serbia
- Ticker
- MRR
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- historical flotation testwork (2021 PEA)
Recovery
- Recovery Basis
- actual_test
Reagents
- Reagent Notes
- produced a clean, copper-free, high-sulphur gold-silver concentrate
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-07T00:00:00.000Z
Reasoning: Historical flotation testwork produced a concentrate with characteristics prized by modern smelters.
Positive factors
- high-sulphur content
- copper-free
Negative factors
- historical data
Evidence · text
“Flotation testwork behind the 2021 PEA produced a clean, copper-free, high-sulphur gold-silver concentrate”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
locked-cycleTlamino · goldView all detailsHide details
Identity
- Project
- Tlamino
- Commodity
- gold
- Region
- serbia
- Reported Region
- Serbia
- Ticker
- MRR
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Sample
- Ausenco-led metallurgical program
Recovery
- Recovery Basis
- unspecified
Reagents
- Reagent Notes
- includes comminution testing, flotation optimisation, reagent and grind-size work, locked-cycle testing and flowsheet refinement
Lab
- Consultant
- Ausenco
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-07T00:00:00.000Z
Reasoning: New metallurgical program aims to validate historical results and define concentrate specifications.
Positive factors
- comprehensive testing scope
Evidence · text
“metallurgical testwork program led by renowned engineering group Ausenco is also underway”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.